Daw: Car insurance choice as important as the car Toronto Star
You could be charged, fined and penalized by higher premiums for many years if you drove without the minimum insurance required in Ontario.
You may not be able to afford any more than the minimum coverage required by law. But if you can afford more, and you have assets and income to protect, skimping on coverage could prove costly to you and your family in the event of an accident. But you could also come to regret buying only the minimum coverage.
There is always a chance you could cause more damage to someone else than the basic policy will cover, or that you will suffer more damage than another driver’s policy will cover.
The importance of optional additional coverage will rise starting Sept. 1. That’s when Ontario will cut the base level of medical and rehabilitation coverage from $100,000 to $50,000. So you may wish to buy an optional increase in statutory accident benefit coverage.
The amount drivers will pay in future for accident benefit coverage for serious injuries will depend in part on whether other government-approved changes reduce costs.
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